It’s no secret that insufficient supply of available homes for sale has been the primary driver for rapid home price increases in the Boise real estate market. July was no exception to this with the median price for Ada County homes reaching $540,000, up 2.9% from June!
If you’re like me, you may understand some of the factors contributing to our inventory shortage, but there may be others you are unaware of or confused by. At the Ada County Housing Summit last month, Boise Regional REALTORS® shared the following list of factors affecting existing housing supply and demand. I thought it was helpful, so I wanted to share it with you as well:
Although it will take quite some time for inventory to catch up with the housing needs in our area, last month boasted encouraging statistics to show we’re headed in that direction. At the end of July, inventory in Ada County was listed at 729 available homes. This is up 50.3% from June and up 116.3% from July of last year.
If you’d like to talk more about the current market and how it may affect your personal real estate decisions, please call us! We’d love the opportunity to meet with you, to provide helpful information, and to process your future plans.
See more monthly Boise housing market updates HERE!
